IRVINE, Calif., Aug 09, 2010 (BUSINESS WIRE) -- Spectrum Pharmaceuticals, Inc. (NasdaqGM: SPPI), a biotechnology company
with fully integrated commercial and drug development operations with a
primary focus in oncology, today reported financial results for the
three and six-months ended June 30, 2010.

"We are pleased with the progress we have made on many fronts," said
Rajesh C. Shrotriya, M.D., Chairman of the Board of Directors, Chief
Executive Officer, and President of Spectrum Pharmaceuticals, Inc. "We
recently took several important strategic steps that we expect will help
Spectrum continue its growth trajectory. We have further augmented the
depth, breadth, and experience of our commercial and drug development
operations. Among others, we added two seasoned professionals - Jim
Shields as our Chief Commercial Officer and George Tidmarsh, MD, PhD, as
our Chief Scientific Officer - to help us maximize the potential of our
two marketed cancer drugs as well as our broad and diversified pipeline."

Second Quarter Results1
Ended June 30, 2010

Consolidated revenue of $12.3 million was comprised of product sales of
$9.3 million ($6.9 million from ZEVALIN, $2.4 million from FUSILEV) and
$3.1 million attributable to the amortization of the previously received
apaziquone licensing fees. This compares to $8.1 million in consolidated
revenue in the second quarter of 2009, which was comprised of $6.0
million from product sales ($3.3 million from ZEVALIN, $2.7 million from
FUSILEV) and $2.1 million from amortization of the previously received
apaziquone licensing fees. The second quarter 2010 product revenues of
$9.3 million were 30% higher compared to the first quarter 2010 product
revenues of $7.1 million. The Company recorded a lower net loss of $9.7
million, or ($0.20) per basic and diluted share, compared to a net loss
of $29.8 million, or ($0.87) per basic and diluted share, in the second
quarter of 2009. Total research and development expenses were $6.3
million, as compared to $6.4 million in the same period of 2009.
Selling, general and administrative expenses were $13.8 million compared
to $9.2 million in the same period in 2009, an increase primarily due to
sales and marketing expenses for ZEVALIN and FUSILEV.

Six-Month Period Ended June 30, 2010

Consolidated revenue of $23.4 million was comprised of product sales of
$16.4 million ($13.4 million from ZEVALIN, $3.0 million from FUSILEV)
and $7.0 million attributable to the amortization of the previously
received apaziquone licensing fees and deferred ozarelix fees. This
compares to $22.3 million in consolidated revenue in the same six-month
period of 2009, which was comprised of $18.1 million from product sales
($5.9 million from ZEVALIN, $12.2 million from FUSILEV) and $4.2 million
from amortization of the apaziquone licensing fees. The Company recorded
a net lossof $48.7 million (which included a one-time licensing
fee of $30 million paid for belinostat), or ($1.00) per basic and
diluted share, compared to a net loss of $29.7 million, or ($0.90) per
basic and diluted share, in the same six-month period of 2009. Research
and development expenses were $42.8 million, as compared to $12.0
million in the same period of 2009, an increase primarily related to the
$30 million one-time, upfront license fee for belinostat. Selling,
general and administrative expenses were $24.7 million compared to $15.5
million in the same period in 2009, an increase primarily due to sales
and marketing expenses for ZEVALIN and FUSILEV.

During the six-month period ended June 30, 2010, net cash used in
operations was approximately $29.4 million. This included $17.5 million
received in the first quarter for apaziquone out-licensing and milestone
fees, and a one-time, upfront license fee of $30 million paid, also in
the first quarter, for belinostat.

Cash, cash equivalents, and investments in marketable securities,
including long-term bank certificates of deposits, totaled $94.5 million
as of June 30, 2010. There are currently approximately 50 million shares
of common stock issued and outstanding.

1 All
numbers are approximates

Upcoming Company Goals and
Milestones

ZEVALIN

Continue to grow the brand;

Submit to the FDA data supporting removal of the BioScan requirement;
and,

Continue to address uniformity and transparency for reimbursement in
the community setting.

FUSILEV

Submit to the FDA requested data for colorectal cancer sNDA by year
end.

ZEVALIN (ibritumomab tiuxetan) is indicated for the treatment of
patients with previously untreated follicular non-Hodgkin's Lymphoma
(NHL), who achieve a partial or complete response to first-line
chemotherapy. ZEVALIN is also indicated for the treatment of patients
with relapsed or refractory, low-grade or follicular B-cell
non-Hodgkin's lymphoma.

ZEVALIN is a CD20-directed radiotherapeutic antibody. The ZEVALIN
therapeutic regimen consists of three components: rituximab, Indium-111
(In-111) radiolabeled ZEVALIN for imaging, and Yttrium-90 (Y-90)
radiolabeled ZEVALIN for therapy. The ZEVALIN therapeutic regimen is a
form of cancer therapy called radioimmunotherapy. Radioimmunotherapy
(RIT) is an innovative form of cancer treatment with a mechanism of
action that is different from traditional chemotherapy. RIT builds on
the combined effect of a targeted biologic monoclonal antibody augmented
with the therapeutic effects of a beta-emitting radioisotope.

FUSILEV, a novel folate analog, is available in vials for injection as
freeze-dried powder. FUSILEV rescue is indicated after high-dose
methotrexate therapy in osteosarcoma. FUSILEV is also indicated to
diminish the toxicity and counteract the effects of impaired
methotrexate elimination and of inadvertent overdosage of folic acid
antagonists. FUSILEV (levoleucovorin or (6S)-leucovorin) is the only
commercially available formulation containing only the pharmacologically
active isomer of leucovorin.

Spectrum Pharmaceuticals is a biotechnology company with fully
integrated commercial and drug development operations with a primary
focus in oncology. The Company's strategy is comprised of acquiring,
developing and commercializing a broad and diverse pipeline of
late-stage clinical and commercial products. The Company markets two
oncology drugs, FUSILEV and ZEVALIN and has two drugs, apaziquone and
belinostat, in late stage development along with a diversified pipeline
of novel drug candidates. The Company has assembled an integrated
in-house scientific team, including clinical development, medical
research, regulatory affairs, biostatistics and data management,
formulation development, and has established a commercial infrastructure
for the marketing of its drug products. The Company also leverages the
expertise of its worldwide partners to assist in the execution of its
strategy. For more information, please visit the Company's website at www.sppirx.com.

Forward-looking statement - This press release may contain
forward-looking statements regarding future events and the future
performance of Spectrum Pharmaceuticals that involve risks and
uncertainties that could cause actual results to differ materially.
These statements include but are not limited to statements that relate
to our business and its future, including certain company milestones,
Spectrum's ability to identify, acquire, develop and commercialize a
broad and diverse pipeline of late-stage clinical and commercial
products, leveraging the expertise of partners and employees, around the
world to assist us in the execution of our strategy, and any statements
that relate to the intent, belief, plans or expectations of Spectrum or
its management, or that are not a statement of historical fact. Risks
that could cause actual results to differ include the possibility that
our existing and new drug candidates, may not prove safe or effective,
the possibility that our existing and new drug candidates may not
receive approval from the FDA, and other regulatory agencies in a timely
manner or at all, the possibility that our existing and new drug
candidates, if approved, may not be more effective, safer or more cost
efficient than competing drugs, the possibility that our efforts to
acquire or in-license and develop additional drug candidates may fail,
our lack of revenues, our limited marketing experience, our dependence
on third parties for clinical trials, manufacturing, distribution and
quality control and other risks that are described in further detail in
the Company's reports filed with the Securities and Exchange Commission.
We do not plan to update any such forward-looking statements and
expressly disclaim any duty to update the information contained in this
press release except as required by law.

This Web site contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Readers should not put undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Spectrum Pharmaceuticals, Inc.'s actual results may differ materially from the results projected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the Company's most recent Form 10-K and 10-Qs. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this filing except as required by law.